Not your father’s workplace: millennials and the future of employment
The workplace has been slow to change, considering that the world outside it has changed considerably since the cultural revolution of the 1960s. The number of millennial cohorts in the workplace (those born between 1980 and 2000 and commonly known as Gen Y) recently surpassed the number of Baby Boomers, effectively ushering out decades of dated workplace practices that no longer fit the new culture.
A new Gallup study reveals that Gen Y are the least engaged employees with up to 60% of them open to moving on to new opportunities. 21% changed jobs in the past year, which cost the US economy $30.5 billion per annum.
The upshot of all this is that the workplace needs to adapt and change for a generation of millennials who see a job as something to consume, rather than a means to a pension. The new workplace must make allowances for a generation weaned on electronics; casual attire; pets; work areas in an open, collaborative environment.
Forcing millennials to adhere to an outdated standard threatens to stifle business success, and forward-thinking managers and CEO’s should consider following a business model designed to encourage millennials to stay engaged and remain with the company over the long term.